Many women are finding themselves solely in control of their financial planning after a divorce or after the death of a spouse. Unfortunately, the majority of financial planners are used to dealing with men. Research shows that most women have investment accounts that are only two-thirds the size of a typical man’s account.

Add to that the longer average lifespan of women and you have many ill prepared for retirement. If you are a woman who needs to handle her own investments through a financial planner, there are some things you should keep in mind about the service you receive.

Sexual Discrimination Problems

The fact that men have been the traditional financial agents for most marriages means that investment planning has become very male-oriented. Most of the financial planners are men who are used to working with other men. It is very easy for a male financial planner to slip into the habit of doing what they believe is best for their female clients without regard to what the client really wants or needs. Investors tend to guide women toward more narrow investment plans because they feel that women are not prepared to handle riskier options. Some planners can be outright disrespectful of female clients because they do not believe women understand the intricacies of investments.

Life Expectancy and Income Differences

The problem with this unfair treatment of women in the financial world is that women are more likely to need to handle their own investments sooner or later. Most women in the United States will outlive men by an average of 10 to 20 years. Since women tend to earn lower incomes than men, it is much more important for women to invest their money wisely so that they will be able to live comfortably once their spouses have passed. When a financial planner gives a woman bad advice, it can have a serious detrimental impact on her future.

Communication Challenges

Sometimes the perceived discrimination is really a problem in communication. Since the financial world has always been primarily male, it can be challenging for a financial planner to deal effectively with a female client. Men process their thoughts and plans differently than women do.

Many veteran financial advisers are used to working in a fast-paced environment with men who want to cut to the bottom line quickly. Women tend to want their advisers to explain all of their options in more detail and discuss what would be the best choice. It can be difficult for an adviser to change his communication style to accommodate a female client.

Cookie Cutter Investment Plans

Another problem for women in the investment world is that the most commonly used investment plans were created with male investors in mind. Women have different financial needs because of several factors, which means that a male-oriented plan may not be the best option.

Financial planners need to break free from the investment models they are comfortable with in order to offer more effective options for their female clients. If you are a woman receiving financial advice through an established financial planner, you need to take an active part in making sure that your portfolio is unique to your specific situation. If you aren’t getting the answers you need, or if you don’t fully understand your portfolio and investment strategy, it’s time for a different financial planner.